Bulletin 3166 - October 25, 2024

The Department of Banking News Bulletin

Bulletin # 3166 - Week Ending October 25, 2024

This Bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

BANK ACTIVITY

Temporary Certificate of Authority Issued

On October 25, 2024, a Temporary Certificate of Authority was issued authorizing Moneycorp Inc. to complete the organization of an innovation bank, under and subject to the provisions of section 36a-70 of the Connecticut General Statutes. The innovation bank is to be known as Moneycorp Bank US and will be located in Stamford, CT. The Temporary Certificate of Authority is valid for a period of eighteen months.

CONSUMER CREDIT DIVISION ACTIVITY

Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On October 15, 2024, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing ("Order and Notice") in the matter of Century Debt Solutions, Inc. (NMLS # 2296096) ("Respondent"), Canoga Park, California. The Order and Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges in the Order and Notice that Respondent's acting within this state as a consumer collection agency without a consumer collection agency license, constitutes violations of Section 36a 801(a) of the Connecticut General Statutes. The Commissioner found that the public welfare required immediate action to issue a Temporary Order to Cease and Desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Order and Notice.

Dated: Tuesday, October 29, 2024


Jorge L. Perez
Banking Commissioner